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Thursday, December 04, 2008

public jones

It is both with great pain and pleasure I pen this letter to you. I am extremely disappointed in the manner in which you have brazenly attempted to deal with the economic consternation that confronts us all. It is not as if you two are ill-informed over the subject matter that you attend to on a daily basis, on the contrary, you both are learned men of letters in the disciplines of both finance and economics. With that said, I must advance the premise that your intellectual prowess with respect to problem solving is severely lacking.

As laymen, I have come to the conclusion that all of this is the result of marketing and selling materials/papers that have no value, or if it does, it maintains a negative value – debt. The support you have purported towards the collateralization of debt, mainly as accrued in the financial services section is what seems to be the root of this recessive evil folks such as I are confronted with. In addition, it appears that your math does not take into consideration that this could be obviated when home devaluation stops. Which could be instantly dealt with if the money was given to home owners and mandated fixed rated advocated across the board for all mortgage compaines, holding companies and banks would adopt or be forced to close their door. It says in the constitution we the people and not we the corporation.

Instead, your approach has been abstruse – difficult to understand. First you basically block the short paper exchanges, which from my limited understanding of economics, is how most money markets function, not to mention if you would have injected capital into Lehman Brothers, which you did not, the DOW would still be in double figures. It is bazaar that you said you had no authority to save this financial behemoth, yet when your folk from Bear Stearns and AIG called – you were quick to stick out your necks and my loot without hesitation.

Moreover, your approach never includes a serious evaluation of dealing with fractional banking systems as we have in America, or else you would consider a reduction in the reserve requirements for banks. This may or may not free up credit but it would be an approach that would not require any of my loot. But still, it is housing valuation that is the concern via the mortgage backed securities you seem to so dearly love. Not to mention from my purview, the issue is not going to be solved by massive injections into banks (for which you have no way to tell where the money has been spent) from my louction, but morso with respect to conforming loans. Yet I recant again, I am not an economist.

The aforementioned are intellectual deficiencies that I can understand. What I cannot tolerate is the disdain for the general public for you speak to me as if I am rich and I have money and you don’t. I wonder if you really ever had to struggle a day in your life, or live with friends, or even ever loss a job. In your tone there is no empathy nor compassion for what the average person experiences and lives.

So sirs, I recant, I am very disappointed and even offended by the lack of professionalism, and understanding you evince with respect to economics, the understanding of the problem, problem solving skills and lack of comprehension towards the general public. For slaves would have been lynched for lessor offenses. Yet I bid you a good day.

Respectfully,

Public Jones

Addendum: shouts to Lovebabz for giving me the Uber Amazing Blog Award and Ivory for the post she did on her daughter and mine.

I think you hit on the problem here: these guys are very well-versed in economic theory and are deliberately refusing to see how their optimism about the spectre of those theories are hurting and starving people. We're locked in an economy where either the corporations or the people can go into debt, and the system seems determined and hellbent to send the people in debt when we're the only real forces moving and shaking.

But I bottom line it like this...if we have to accept the fact that a bail out is so called "necessary" at this point (even if P&B failed epically in their roles)...wheredafux is MY bailout? If they can have their hands out...then fuxit, my hand is out too!

I'm torn on it all though...now isn't the time to point fingers and lay blame, but the action required to move in the direction of correction will be so massive, that shit yeah - someone needs to go down for it..even if its just with the proverbial scarlet letter or albatross around their necks.

Paulson is giving money to former associates and friends on Wall Street. They gave banks more and didn't even require them to use it to give loans. Some of those banks have bought up smaller, failing banks and haven't loaned folks much of anything. And they haven't done a damn thing about housing or reinstated regulations that helped cause the problem. Okay. I'm off the soapbox. Sorry, Dawg.

Everybody's writing letters today! I've run across several blog today that were letters...anyhoo, once again you have me logging off of blogger on my way to google to LEARN. *sighs*I feel like I'm in school everytime I come over here. LOL

THEY DO IT ON MY TAX TIME. HOOD NIGGAS STEAL THEY BITCH ASSES GET TAUGHT A MAJOR LESSON.

I'M NOT HURTING. I DON'T CARE LET'S JUST SAY I GOT DEEP POCKETS. ITS' OLD FAMILY MONEY. I'M TAKING 1800'S. I SAY IF U A NIGGA FROM DA HOOD SURVIVE ON FOLK SURVIVE ON STOP CRYING MAN UP. YOU FROM MEMPHIS YALL USE TO NOT HAVING SHIT DOWN THERE. I'VE BEEN DOWN THERE MANY A DAY.

you really have to wonder what their true motives and objectives are? save their behinds, yes, I get that? but what else??? i don't think we, the general public, and what is in our best interest, even remotely enters into the picture in the resolving of these dire financial issues!